Ethos commences drilling of Carlin -type gold target at Iron Point, Nevada, and adds a fourth hole to test southern extension of target
Suite 1430 – 800 West Pender Street, Vancouver, BC V6C 2V6
Ethos commences drilling of Carlin -type gold target at Iron Point,
Nevada, and adds a fourth hole to test southern extension of target
Vancouver, BC – June 18, 2019, Ethos Gold Corp. (“ Ethos ” or the “ Company ”) (TSXV:ECC) (OTCQB:
ETHOF) is pleased to announce that it has commenced its maiden drill program at Iron Point, 22
miles east of Winnemucca, Nevada. The primary target is Carlin-type gold mineralization hosted in
Lower Plate stratigraphy below the Roberts Mountain thrust fault. Some of the world’s largest and
highest grade gold deposits are found in this Lower Plate stratigraphy. The target is immediately
west of a north-south striking range front fault at between 500m and 800m depth, and beneath a 5
km long north-south expression of Carlin-type gold pathfinder element geochemistry.
Highlights
• The maiden drill program targeting a deeper Carlin- type gold system at Iron Point is now
underway, supervised by Dr. Quinton Hennigh.
• A fourth vertical hole has been added to the previously announced three-hole program (see
Ethos press release dated May 17, 2019) to test the extension of the target area south of
Interstate 80 where a significant indicator element and gold anomaly has been identified in
historic surface sampling and drilling.
• Holes 1, 2 and 4 will be drilled with a reverse circulation (“RC”) r ig to depths of
approximately 300m, then continued with a core rig to total depths of approximately
850m. Hole 3 will be drilled as a core hole from surface to approximately 600m (see Figure
2 below for location of these holes).
• The total planned drilling (RC plus core) is approximately 3,200m.
• Ethos can earn a 50% undivided interest in the gold rights at Iron Point from Victory Metals
Inc. (“Victory”, TSXV:VMX) by spending C$5.0 million over three years, including a minimum
expenditure of C$1.0 million in the first year.
• Iron Point is located at the intersection of the pr olific Battle Mountain and Getchell Gold
Trends, and is on trend from several large gold min es including Twin Creeks,
Getchell/Turquoise Ridge, Lone Tree-Stonehouse, and Marigold (see Figure 1 below).
• Previous drilling at Iron Point by Dr. Quinton Hennigh in the 1990’s encountered anomalous
Carlin-type gold mineralization across Upper and Lo wer Plate stratigraphy near an
interpreted recumbent fold hinge, along a north-south striking range front fault.
• Some of the strongest Carlin-type gold pathfinder e lement geochemistry in Nevada is
present at Iron Point over a 5 km strike distance c oincident with the range front fault (see
Figure 5 below).
• Significant anomalous gold has also been sampled in surface geochemistry and trenches
along the range front fault, interpreted to be leakage from deeper levels in the system.
• The current drill program will test for Lower Plate -hosted gold mineralization beneath the
Upper Plate Vinini Formation that hosts Victory Metals’ vanadium deposit.
Stated Dr. Hennigh, “We have a robust drill plan pr epared for testing the 5 km long gold target at
Iron Point. Holes 1 and 2, both vertical, will test the central part of the target area by cutting
through highly geochemically anomalous Upper Plate rocks in search of Carlin-style gold
mineralization in Lower Plate rocks beneath. Hole 3 will test for similar mineralization in the
northern part of the target area where an erosional window has cut down into the recumbent Zed-
fold exposing targeted Lower Plate rocks. Our newl y added Hole 4, also vertical, is positioned in
the southern part of the target area and will drill through basalt, gravel and Upper Plate rocks to
test the underlying prospective Lower Plate stratigraphy. I am very happy to have this opportunity
to test what is perhaps one of the best remaining Carlin-style gold targets left in Nevada.”
Stated Craig Roberts, P.Eng., President & CEO of Ethos, “Our deal with Victory was announced May
17 and we are very pleased to have advanced to the point of having a drill turning one month
later. The considerable historic exploration work at Iron Point, including multiple drill programs,
has revealed strong gold and Carlin-type indicator element geochemistry over 5 km north-south
along the range front fault, as well as significant drill intercepts of anomalous gold mineralization.
While the underlying Lower Plate rocks are highly p rospective as a host for Carlin-type
mineralization, to date Iron Point has not received any significant drilling to deeper levels to test
for a Carlin-type gold target. Our drill campaign will be the first to systematically test for a deeper
Carlin-type target in the Lower Plate at Iron Point and the extensive historic work is of great
benefit in targeting our deeper drilling. Carlin-t ype targets have potential for significant size
and we are excited that our drill program is now underway.
With a maiden drill program also underway at our La Purisima gold project in Mexico, and with our
initial exploration on the Perk-Rocky copper-gold porphyry project in British Columbia commencing
shortly, we are looking forward to an active summer . Additionally we anticipate that Ridgeline
Minerals Corporation in which we hold an approximately 8% interest (through Carlin Type Holdings
Ltd.) will begin its maiden drill program at its Ca rlin East project in the next several months,
pursuing a deep, high grade Carlin-type target stru cturally on-trend from Newmont's Leeville-Turf
mine and adjacent to Barrick’s Goldstrike complex on the Carlin Trend.”
Overview of the Iron Point Target
Iron Point is located at the intersection of the prolific Getchell and Cortez/Battle Mountain Trends:
Figure 1. Iron Point project location
At Iron Point, Upper Plate Ordovician Vinini Format ion overlies interpreted Lower Plate Silurian-
Devonian Roberts Mountain and Popovich Formations, separated by the Roberts Mountain thrust
fault dipping shallowly to the west (see Figures 2, 3 and 4 below). North-south striking normal
faulting subsequent to the Roberts Mountain thrust activity has down-dropped stratigraphy to the
east forming a range front fault, infilled by alluvium and gravels to the east. Some of the strongest
Carlin-type gold pathfinder element geochemistry in Nevada is present at Iron Point in footwall
rocks immediately west of the range front fault ove r an approximately 5 km strike distance (see
Figure 5 below). Anomalous gold mineralization in geochemical sampling and trenching coincident
with this pathfinder geochemistry is also present a long this 5 km trend. Historic drilling at Iron
Point has encountered multiple intervals of signifi cantly anomalous gold mineralization in Upper
Plate rocks and into Lower Plate stratigraphy also immediately west of the range front fault. This
includes an interval of Carlin-type gold mineralization along the range front fault interpreted to be
smeared fault gouge transported from deeper levels.
Drilling that penetrated the upper levels of the Lo wer Plate rocks encountered an interpreted
recumbent Zed-fold parallel to and immediately west of the range front fault. This recumbent Zed-
fold is also partially exposed in an erosional wind ow near the north end of the target area. A
similar geologic model including recumbent Zed-fold ing along a range front fault is the focus of
extensive gold-mineralization at Newmont’s Twin Cre eks mine located approximately 25 miles
north of Iron Point. The primary target for Carlin -type mineralization at Iron Point is in this Zed-
folding of Lower Plate rocks along the range front fault (see Figures 3 and 4 below).
Extension of Target Area to the South of Interstate 80
Previous mapping, sampling, and drilling along the extension of the range front fault south of
Interstate 80 has also identified a significant gol d and pathfinder element anomalism. There has
been no deep drilling in this area to date. The ta rget model here is similar to, and a continuation
of, the target model north of the highway. Ethos has decided to test this target with a vertical hole
(Hole 4) to a planned depth of 850m (see location o n Figure 2), targeting Lower Plate stratigraphy
beneath Upper Plate rocks. Since this area has alre ady been permitted and bonded by Victory in
preparation for drill testing the extent of vanadiu m mineralization in this area, drilling of the
deeper gold target can commence immediately.
Figure 2. Geology in plan and location of the 4 pl anned holes, also showing East -West
section lines A-A’ and B-B’
Figure 3. Conceptual east -west cross section A -A’ (see section line on Figure 2)
Figure 4. Conceptual east -west cross section B-B’ (see section line on Figure 2)
Figure 5. Iron Point surface geochemistry along the range front fault, also showing planned
drill hole locations
Earn In and Joint Venture Terms
Ethos can earn a 50% interest in all precious metal rights at Iron Point by spending a minimum of
C$5.0 million over three years, with minimum expend itures of C$1.0 million in the first year.
Following the earn-in a 50-50 joint venture will be formed between Ethos and Victory. Victory will
maintain 100% title to the Iron Point claims and on completion of its earn-in Ethos would have a
contractual right to 50% of any precious metal disc overy. The vanadium mineralization is near
surface with significant spatial separation from th e conceptual deeper gold target. Victory
maintains the right to ensure that any precious met al exploration and development plans do not
interfere with development of its vanadium project.
Qualified Person, and Contact
Work targeting Carlin style gold at Iron Point is being supervised by Dr. Quinton Hennigh, Technical
Advisor to the Company. He is a Qualified Person as defined under National Instrument 43-101 and
has read and approved this release. Jo Price, M.Sc ., MBA, P.Geo., VP Exploration of the Company
and a Qualified Person as defined under National In strument 43-101 has also reviewed and
approved this release.
About Ethos Gold
Ethos Gold is exploring the La Purisima gold project (earning 100%) in Chihuahua Mexico, the Iron
Point Carlin gold project (earning 50% from Victory Metals Inc: TSX-V: VMX) 22 miles east of
Winnemucca, Nevada, and the Perk-Rocky copper-gold porphyry project (earning 100%), 220 km
west of Williams Lake, British Columbia. La Purisi ma is a near surface, bulk tonnage, oxide gold
target, and a maiden drill program has recently com menced. Iron Point is a Lower Plate hosted
Carlin-style gold target, and a planned program of four holes to test this target is now underway
under the supervision of Dr. Quinton Hennigh. Perk-Rocky is a copper-gold porphyry target, and an
exploration program including detailed airborne geophysics and ground mapping and sampling will
commence shortly. Ethos also owns approximately 8% of the equity of Carlin Type Holdings Ltd., a
private British Columbia company whose wholly owned US subsidiary, Ridgeline Minerals
Corporation, is earning into 100% ownership of thre e Nevada gold exploration projects, including
two deep Carlin-type targets (Carlin East and Swift ), at least one of which will be drill tested in
2019.
Ethos is also earning into the Pine Pass and Ursula vanadium projects (100% earn-in) in north-
central British Columbia. In March 2019 Ethos recei ved notice from the Province of British
Columbia that the mineral tenures making up its Pin e Pass vanadium project are included in an
area under consideration for an immediate moratoriu m on development proposals and possible
inclusion in an expanded environmental protected area, and Ethos is now waiting on the resolution
of this issue before proceeding with further work.